Two Men Remanded In Correctional Centre For Alleged N31.4m Iron Rod Fraud In Lagos

The defendants, Olayiwola Sikiru, 48, and Rafiu Mohammed, 57, were ordered remanded by Magistrate Mrs. O. Kusanu pending when they will perfect their bail conditions.

The suspects were arraigned by the Lagos State Police Command in charge number 1975/1/../2026 on a three-count charge bordering on conspiracy, obtaining goods by false pretence and stealing.

The prosecutor, SP Phillip Ademigbuji, told the court that the defendants committed the offences at Ijegun, Ikotun road area of Lagos.

According to the charge, the defendants, Olayiwola Sikiru and Rafiu Mohammed and others still at large, on the 18th day of June, 2026 at about 10am at Ijegun, Ikotun road, Lagos in the Lagos Magisterial District, did conspire amongst themselves to commit offences of obtaining iron rod by false pretence and stealing.

The Police said the offence is contrary to and punishable under Section 411 of the Criminal Law of Lagos State, 2015.

In the second count, the defendants were alleged to have defrauded one Thomas Adeoye of 12 millimeter, 16 millimeter and 10 millimeter iron rods valued at Thirty One Million, Four Hundred and Seventy Thousand Naira, N31,470,000.

SP Ademigbuji told the court that the defendants allegedly issued fake transfers from FCMB Bank and Zenith Bank to the complainant’s UBA Bank account, totalling N31,470,000, under the pretence that they wanted to buy iron rods.

He said the defendants knew the transfers to be fake.

The offence is contrary to and punishable under Section 313 and Section 314 (1)(a)(b)(2)(3) of the Criminal Law of Lagos State, 2015.

In the third count, the defendants were alleged to have stolen iron rods valued at N31,470,000 from Thomas Adeoye under the pretence that they had transferred money to him, which they knew to be fake.

The offence is contrary to Section 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015.

When the charge was read to the defendants, they pleaded not guilty.

Their counsel applied for bail and the Magistrate, Mrs. O. Kusanu, granted them bail with two sureties who must show evidence of means of livelihood and tax payment to the Lagos State Government.

The Magistrate ordered that the defendants be remanded in custody at the Correctional Centre pending when they will perfect their bail conditions.

The case was investigated by ASP Idoko Daniel of the Command Tactical Squad 1, State Headquarters, Ikeja, led by SP Banti Adamu, following a complaint by Thomas Adeoye.

The matter was approved at the Prosecutor’s Office, Ogba, and filed through the Directorate of Public Prosecution, Lagos State Ministry of Justice.

The Lagos State Police Command urged traders and business owners to always confirm bank credits before releasing goods, warning that fraudsters now use sophisticated fake alerts to defraud unsuspecting victims.

The Command restated its commitment to ensuring safety of lives and property in the state.

The case has been adjourned for further mention. The defendant is presumed innocent until proven guilty by the Court of competent jurisdiction.